Planning for golden years; ADVERTISING FEATURE: Long-Term Care: how to beat the meanest of means tests.THE current campaign from the tax office to help ensure that retired people are not paying more tax than necessary follows on from several months of news which affects pensioners. This summer has seen the government announce proposals in a discussion document intended to tackle the spiralling cost of care for an ageing population. Despite making national headlines, any reform to the system would first apply only in England, and even on the Government's own timescale timescale Noun the period of time within which events occur or are due to occur timescale n → délais mpl timescale time (Brit) n , the first of the changes would not be phased in until 2014 at the earliest. This leaves those who have already retired with little chance of benefiting from the changes. Currently, adults must undergo a means test means test n. An investigation into the financial well-being of a person to determine the person's eligibility for financial assistance. means test Noun if they move into a nursing home for long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. . In Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. , those with more than pounds 22,000 in assets - almost 40 per cent of care home residents - must pay their own way. Fees average pounds 627 a week. As a result, many elderly people are forced to sell their homes or raid savings intended for their children's inheritance inheritance, in law inheritance, in law: see heir. inheritance, in biology inheritance, in biology: see heredity. inheritance Devolution of property on an heir or heirs upon the death of its owner. . Industry experts say 45,000 people had to sell property in 2008 to pay for care home accommodation. Gareth Chalk, an Independent Financial Adviser specialising in Long Term Care planning, says: "The tax office's campaign to ensure that pensioner's aren't paying too much tax on their savings is welcome news. "However to many retired people, the biggest issue that I hear loudest, is that if they should need care in the future, the majority of their hard earned savings and then their home can be sold to meet their care costs." However, there are certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or in which the home and savings are excluded. Those with the foresight (graphics, tool) Foresight - A software product from Nu Thena providing graphical modelling tools for high level system design and simulation. to plan in advance may want to make sure they can take advantage of this. Independent advice from a long-term care specialist is crucial to explore these options to evaluate if they suit your circumstances. "One major frustration for me is that too few people take action which can protect their hard earned assets for their children," continues Gareth. If anyone wishes to speak with Gareth to discuss any of the issues raised, he can be contacted on 0845 0139119. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion